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Date: October 21, 2018, 10:09:09 AM

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Market Analysis: GBPUSD: Business : Nigerialog.com - Nigeria's Premier Online Forum

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Market Analysis: GBPUSD

By: alagbe003 (M) |Time : June 12, 2018, 10:10:50 AM
GBPUSD
British Office for National Statistics reported yesterday a sharp decline in Manufacturing Production. Manufacturing production measures the change in the total inflation-adjusted value of output produced by manufacturers. This data is a leading indicator as production reacts quickly to movement in the business cycle and is directly correlated with consumer employment levels and earnings. The Cable was further pressured by well below forecasted Good Trade balance data, Construction Output, as well as Industrial Production economic data. The Greenback successfully recovered from the sentiment hovering around the decision of President Trump to back out of the G7 communique as expectations shifted to the Summit slated for today between the White House and Jong-un.

Today, the instrument opened below the pivot and is surging northward on major timeframes ahead of the release of Consumer Price Index CPI and Core CPI from the US by 1:30 pm.
The eagerly awaited summit aimed at the denuclearization of the Korean peninsula between the US. President Donald Trump and North Korean leader Kim Jong-Un is ongoing as reports emanating from the meeting suggesting that the duo has signed a comprehensive deal expected to put an end to the geopolitical tension in the peninsula. The outcome of the meeting as well as inflation data from the US later today will dictate the direction of the pair.

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